This paper provides a model that allows for interpreting bids in a Vickrey auction when the good has public good attributes. It also examines information obtained from a Vickrey auction, which collected consumer’s willingness-to-pay for pork products that had embedded environmental attributes, and applies the new interpretation to the bids. Copyright 2003 by Sean P. Hurley and James B. Kliebens...

A double auction game with an infinite number of buyers and sellers is introduced. All sellers posses one unit of a good, all buyers desire to buy one unit. Each seller and each buyer has a private valuation of the good. The distribution of the valuations define supply and demand functions. One unit of the good is auctioned. At successive, discrete time instances, a player is randomly selected ...

Most modern financial markets use a continuous double auction mechanism to store and match orders and facilitate trading. In this paper we develop a microscopic dynamical statistical model for the continuous double auction under the assumption of IID random order flow, and analyze it using simulation, dimensional analysis, and theoretical tools based on mean field approximations. The model make...

This paper describes the implementation and design of a web-scale electronic continuous double auction system. The intention of this system is to facilitate multiple simultaneous participants in the form of autonomous trading agents; an individual agent may only trade in a single market at a time, though a single commodity may be traded in multiple markets by multiple agents simultaneously. The...

Group buying is a business model in which a number of buyers join together to make an order of a product in a certain quantity in order to gain a desirable discounted price. Such a business model has recently received significant attention from researchers in economics and computer science, mostly due to its successful application in online businesses, such as Groupon5. This paper deals with th...

We investigate equilibrium in the buyer’s bid double auction (BBDA) in a model with correlated signals and either private or interdependent values. Using a combination of theorems and numerical experiments, we demonstrate that simple equilibria exist even in small markets. Moreover, we bound traders’ strategic behavior as a function of market size and derive rates of convergence to zero of (i) ...

First-come-first-serve (FCFS) scheme is used for selling the goods in market that is a multi-million dollar industry for any popular event. But in a competitive environment is this FCFS efficient? In earlier literature it has been shown that the auction based alternative solutions using the framework of mechanism design, a sub field of game theory [18] can provide better results against FCFS in...

Department of Business Administration, The University of Illinois at Urbana-Champaign, Champaign IL 61820, USA Operations and Information Management Department, School of Business, University of Connecticut, Storrs, CT 06269, USA Center for Research in Electronic Commerce, McCombs School of Business, The University of Texas at Austin, Austin TX 78712-1175, USA [email protected] • [email protected]...